Houston outfit goes hunting
Colombia on the menu
Houston American Energy has acquired a working interest in 357,000 acres in the Llanos basin in Colombia.
The company is working on a sliding royalty scale on the property, ranging from 8% at 5000 barrels per day to 20% at 125,000 bpd.
A first well will be drilled on the property within a fortnight with seven additional prospects identified for future activity.
"Engineers have given the concession over 120,000,000 barrels of oil potential," said the company.